Cryptocurrency Bots For Traders

Automated Crypto Trading

Automated crypto trading, also known as algorithmic trading or “bots trading”, is simply the use of computer programs to execute trades on a cryptocurrency exchange. These trades are based on a set of predetermined rules and conditions, which may include factors such as price movements, trading volume, and market trends.

Why Bots Trading?

The main goal of automated crypto trading is to increase efficiency and reduce the potential for human error in the trading process.
The main goal of this research is to provide a very simple way for crypto traders to easily trade their assets with little or no loss at all utilizing the help of specialized bots within each signal group.

The Solution

Following through a number of processes, I came up with the following core solutions, which are basically high fidelity dashboard designs.

Wallet Connection

The dependence on exchange platform is solved by integrating a drop down menu, allowing traders to select whichever exchange platform is convenient for them.

Signal Group Creation

The problem of limited customization option is solved by the flexible options provided in the signal group creation process.
Basically, a private or public signal group can be created by traders, in order to assign specific bots that will execute trades for the Traders.

Join Signal Groups

For traders who may decide not to create a new signal group, they have the choice of joining already existing signal groups.
Joining a signal group provides every necessary information a trader needs to start a new trade. It is the foundation for creating trading bots for every trading process.

The Signal Groups Tab

Groups belonged to by each trader is displayed under the “Groups” tab.
Traders can switch in-between signal groups they created and signal groups they joined.
In case traders want to see more details for each signal group, they click on the group to open up the details.

The Analytics page can be accessed from the “Groups” tab.

The Signal Groups Details

This page opens up when traders decide to see more details about each signal group they belong to.

These details include:

1. Service Information: These are subscription state, win rate, minimum and maximum allocations and subscription amount.
2. Connected Bots: Traders are able to see and edit the connected bots carrying out the trading process for them.
3. Trade Manager: Traders can see the trade manager managing the open positions for each trading bot.

Analytics

The Analytics page can be accessed from either the “Dashboard” tab, or the “Groups” tab. It displays position analysis for a range of trades carried out by trade managers.

The Dashboard

After creating or joining signal groups, for easy accessibility by traders, the main dashboard view changes to display the lists of active positions.
Traders could become trade managers by creating their own signal groups. They could even invite new traders to their signal groups.
On the other hand, traders could also join signal groups created by other traders.

Automation Robots

The bot creation process is flexible, such that traders can customize their trading bots to whichever function they want it perform.

For every signal group created, there is the prompt to either add an existing bot, or create new bot.

Trading bots can be paused or played at anytime the trader likes.

What the bots does:

1. Distribute: Depending on the selection, a VBA bot can distribute trade profits to members of a signal group.
2. Notify: Also depending on the choice of the trader, VBA bots can notify traders on any change on analytics and positions.

Launching Bots

Finally, the bot is connected to a signal group.

Active Positions

These are trades opened by a trade manager. These positions are already being displayed on the dashboard.
Traders cannot close active positions of trades they aren’t managing.

Closed Positions

The “Close Trade” button appears to only trade managers. Once a trade manager closes a position, every member of the signal group gets notified.

Testing and Deployment

To test the usability of VBA, a series of usability tests with cryptocurrency traders were conducted. I observed how they interacted with the prototype, asked them to perform specific tasks, and collected feedback based on their experiences.

Based on the feedback received, I made changes to the app to improve its usability, including:

Telegram Integration: A guide that explains how to integrate their trading bots to an external app like telegram.

The Problem

This research was driven by a number of problems in the traditional crypto trading process.
These problems are:

1. Human Error: Manual trading relies on human decision-making, which can be affected by emotions and cognitive biases. Leading to errors in judgment and unprofitable trades.
2. Speed: The cryptocurrency market is known for its high volatility and rapid price movements. Manual trading can be slow and time-consuming, which can make it difficult for traders to take advantage of short-term market opportunities.
3. Inconsistency: Manual trading can be inconsistent, as different traders may have different strategies and risk tolerances.
4. Technical knowledge required: Some trading bots require a high level of technical knowledge to set up and use effectively.
5. Dependence on exchange: Some trading bots may only work with specific exchanges, limiting the user’s ability to trade on multiple platforms.
6. Limited customization: Many existing crypto trading bots may have limited customization options, making it difficult for users to fine-tune their settings to suit their specific needs.
7. Cost: Some trading bots charge high fees, which can eat into profits.
8. High fees: Some trading bots charge high fees, which can eat into profits.
9. Technical knowledge required: Some trading bots require a high level of technical knowledge to set up and use effectively.

Market Research

In a bid to solve the inconsistencies and human errors encountered by crypto currency traders, I checked out platforms like Anny Trade, Pionex, Cryptohopper, Botsfolio and Zignaly which are already in existence.

Conclusion

Together with the team of Developers and Project Managers, we created a simplified automated cryptocurrency trading bot for crypto traders that is simple, intuitive, easy to navigate and user-friendly. We were able to achieve these by conducting thorough user research and usability testing.

Recently, VBA was deployed to the Google play store, I believe VBA to serve as the ultimate solution to traders’ needs.

Google Play Store

Download VBA